Ovintiv Acquires NuVista Energy for $2.7 Billion, Expanding Montney Presence

Ovintiv has acquired NuVista Energy for $2.7 billion, including debt, to add 100,000 barrels/day of oil equivalent to its total production. The deal provides access to strategic processing infrastructure and downstream capacity in the Montney shale play in Canada. Ovintiv previously acquired Paramount Resources assets for $2.4 billion and EnCap Investments assets for $4.3 billion. The company reported Q3 cash flow from operations of $812 million and free cash flow of $351 million.